Jefferies Financial Group Inc. Acquires 34,206 Shares of State Street Corporation $STT

Key Points

• Jefferies Financial Group boosted its stake in State Street by 138%, buying 34,206 shares to hold 58,996 shares worth about $6.84 million at the end of the quarter.
• State Street beat quarterly estimates with EPS of $2.97 versus $2.82 and revenue of $3.67B (up 7.5% YoY), and declared a $0.84 quarterly dividend (annualized $3.36, ~2.8% yield).

Jefferies Financial Group Inc. grew its holdings in State Street Corporation (NYSE:STT - Free Report) by 138.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 58,996 shares of the asset manager's stock after buying an additional 34,206 shares during the quarter. Jefferies Financial Group Inc.'s holdings in State Street were worth $6,844,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in STT. Regents of The University of California acquired a new position in State Street during the 3rd quarter worth about $324,576,000. Norges Bank acquired a new stake in State Street in the 2nd quarter valued at about $256,367,000. First Trust Advisors LP increased its position in State Street by 36.8% in the 3rd quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager's stock valued at $318,754,000 after acquiring an additional 738,456 shares in the last quarter. Jupiter Asset Management Ltd. bought a new position in shares of State Street in the third quarter worth about $62,092,000. Finally, Invesco Ltd. raised its stake in shares of State Street by 4.7% in the second quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager's stock worth $910,934,000 after acquiring an additional 381,547 shares during the last quarter. 87.44% of the stock is owned by institutional investors.

State Street Stock Up 0.5%

Shares of NYSE:STT opened at $121.67 on Tuesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61. The stock has a market cap of $33.91 billion, a price-to-earnings ratio of 12.93, a P/E/G ratio of 1.06 and a beta of 1.43. The company has a 50 day moving average of $129.41 and a 200-day moving average of $121.87. State Street Corporation has a one year low of $72.81 and a one year high of $137.05.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.15. State Street had a net margin of 13.02% and a return on equity of 13.46%. The business had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same period in the prior year, the business posted $2.60 earnings per share. State Street's revenue was up 7.5% compared to the same quarter last year. On average, sell-side analysts forecast that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st will be paid a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.8%. State Street's dividend payout ratio is 35.71%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on STT shares. Wall Street Zen raised shares of State Street from a "sell" rating to a "hold" rating in a research note on Saturday, January 17th. Morgan Stanley dropped their price objective on shares of State Street from $168.00 to $164.00 and set an "overweight" rating for the company in a research report on Tuesday, January 20th. Zacks Research downgraded State Street from a "strong-buy" rating to a "hold" rating in a report on Monday, December 1st. Loop Capital set a $144.00 price objective on State Street in a research report on Tuesday, January 6th. Finally, TD Cowen reissued a "buy" rating on shares of State Street in a research note on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $135.83.

State Street Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.

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